Odobo Software Developers Shutting Their Doors
Online gambling software provider, Odobo, has announced they will be closing their business after five years of operation, stating that high costs have outpaced the growth of the business. The Gibraltar-based real money HTML5 platform supplier will cease transactions on Tuesday, May 31 and will close its offices by June 10.
Odobo announced on its website on Friday: “As our industry has evolved, it has become clear that marketplaces like ours require wider scale to survive in an increasingly complex and fragmented regulatory landscape.”
“We needed to recognise that the velocity with which the business was growing was outpaced by the costs associated with providing the services that Odobo offered. As a result, we have made the very difficult decision to close the business.”
The company was launched in 2011 by former Bet365 Gaming Director, Ashley Lang. It specialised in producing HTML5 mobile casino games and supplied to some of the top operators in the market, including Bet365 and Coral Casino. Earlier this year, it partnered with Mr Green, making them the tenth major operator to be supplied by Odobo. Their most recent content agreement was signed with the provider of casino software platform Iforium.
Considering that one of the major goals of the company was to offer innovative content, it appeared that Odobo was on the road to success when their chief operating officer, Dennis Diaconescu, made it onto the list of the top 100 leaders of innovation in the online gaming industry last year.
However, in February, there were even reports that senior management was looking to sell the business for around £25 million and earlier this year, Odobo was looking for backer to bring its business back into financial viability; although, it appears to have come up empty.
April 16, 2017